Wirtschaftswunder – The German Economic Miracle
- Pia Luecke
- Sep 19, 2017
- 1 min read
After World War II much of Germany was in ruins and the economy lay in shambles. A large percentage of the workforce was dead, and Industrial output was only one-third of its level in 1938.
But: Less than ten years later, everyone started talking about the German economic miracle (Wirtschaftswunder). The term Wirtschaftswunder, describes the rapid repair and development of the German (and Austrian) economy after the war.
The era of economic growth (lasting period of low inflation and rapid growth) raised West Germany from total wartime devastation to a developed nation in modern Europe.
Nowadays Germany has a highly developed social market economy. It has the largest national economy in Europe, the fourth largest by nominal GDP in the world, and the fifth largest GDP per capita based on purchasing power parity (PPP). Germany has a social market economy that combines capitalism with social policies favoring social insurance.
This blog will fuse on decisions, influencing Germany’s economy, regarding international business.
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